Absci’s (ABSI) Buy Rating Reiterated at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Absci (NASDAQ:ABSI) in a report published on Wednesday morning, Benzinga reports. They currently have a $7.00 target price on the stock. HC Wainwright also issued estimates for Absci’s Q2 2024 earnings at ($0.17) EPS, Q3 2024 earnings at ($0.17) EPS, Q4 2024 earnings at ($0.17) EPS, FY2024 earnings at ($0.73) EPS, Q1 2025 earnings at ($0.12) EPS, Q2 2025 earnings at ($0.13) EPS, Q3 2025 earnings at $0.00 EPS, Q4 2025 earnings at ($0.10) EPS, FY2025 earnings at ($0.35) EPS, FY2027 earnings at ($0.06) EPS and FY2028 earnings at $0.39 EPS.

Several other research analysts have also issued reports on ABSI. Truist Financial reaffirmed a buy rating and set a $9.00 target price on shares of Absci in a research report on Tuesday, March 26th. KeyCorp increased their price objective on shares of Absci from $5.00 to $8.00 and gave the company an overweight rating in a research report on Monday, March 4th. Finally, Scotiabank reissued an outperform rating and set a $13.00 target price on shares of Absci in a research report on Monday, March 25th.

Absci Stock Performance

Shares of Absci stock opened at $4.62 on Wednesday. The company has a market capitalization of $521.86 million, a PE ratio of -3.98 and a beta of 2.39. The company has a 50-day simple moving average of $5.13 and a two-hundred day simple moving average of $3.95. Absci has a one year low of $1.11 and a one year high of $6.72. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.08 and a current ratio of 7.19.

Absci (NASDAQ:ABSI) last posted its quarterly earnings data on Monday, May 13th. The company reported ($0.22) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.03). Absci had a negative return on equity of 44.60% and a negative net margin of 2,042.01%. The firm had revenue of $0.90 million for the quarter, compared to the consensus estimate of $2.50 million. During the same quarter last year, the firm earned ($0.26) EPS. Research analysts expect that Absci will post -0.76 EPS for the current fiscal year.

Insider Activity at Absci

In related news, Director Redmile Group, Llc acquired 222,222 shares of the firm’s stock in a transaction on Friday, March 1st. The shares were acquired at an average cost of $4.50 per share, with a total value of $999,999.00. Following the completion of the acquisition, the director now directly owns 8,253,316 shares in the company, valued at approximately $37,139,922. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 9.81% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Absci

A number of hedge funds have recently made changes to their positions in ABSI. Redmile Group LLC raised its stake in Absci by 2.8% in the 1st quarter. Redmile Group LLC now owns 8,253,316 shares of the company’s stock valued at $46,879,000 after purchasing an additional 222,222 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Absci by 33.7% in the first quarter. Vanguard Group Inc. now owns 3,445,272 shares of the company’s stock valued at $19,569,000 after buying an additional 869,131 shares during the last quarter. Affinity Asset Advisors LLC purchased a new position in shares of Absci in the first quarter worth about $5,822,000. Nikko Asset Management Americas Inc. acquired a new position in Absci during the first quarter worth about $2,386,000. Finally, Sumitomo Mitsui Trust Holdings Inc. purchased a new stake in Absci during the 1st quarter valued at about $2,390,000. Institutional investors and hedge funds own 52.05% of the company’s stock.

About Absci

Absci Corporation operates as a data-first generative artificial intelligence (AI) drug creation company in the United States. The company combines AI with scalable wet lab technologies to create biologics for patients. Its integrated drug creation platform is designed to improve upon traditional biologic drug discovery by using AI to simultaneously optimize multiple drug characteristics that may be important to development and therapeutic benefit.